Of all the banks that we've had home loan dealings with, ME have been an absolute headache. We took out a construction loan and it took them 1 month (normally 7 days) to make the first progress payment. Builder had to put works on hold. All the people we spoke to on the phone had no idea and instead of listening to our questions and concerns they would talk over the top of us. Once construction is complete we'll be going elsewhere.
I would not recommend Me Bank to anyone. I have a home investment loan with them which the term ends early next year and I will be refinancing with another provider. Their customer service is poor and the call centre staff are not well trained to deal with the situation particularly during the COVID pandemic.
ME Bank took $7643 from my Offset Account without warning or my permission. During this coronavirus pandemic where bank customers may need to access their own funds ME Bank have just swept through a large number of their customers' offset accounts and taken significant sums of money with no warning and paid that off against their home loan - apparently sending a letter out that was way too late to warn anyone what they were going to do (I haven't received mine) and no doubt deliberately planned that way. Money that was part of my nest egg in case of a rainy day. I am now retired and have banked with them for many years before I retired and after this sly and sneaky act would never recommend them to anyone ever again. Warning - do not bank with ME bank unless you like having them raid your offset home loan money whenever they see fit. I will be complaining to the Banking Ombudsman as will many thousands of their customers who are currently complaining on Facebook as well. A Class Action is being discussed but Customers have to complain on social media because you cannot communicate with the Bank itself unless you are prepared to wait on hold for ever or for an email or return phone call that doesn't happen.
They offer a redraw, then take it away. All without telling you. Suddenly my lifes savings I've accumulated over 20 yrs as a loyal customer - gone - they decided to take my redraw and transfer it to the loan, Just in case I experience financial hardship. Really! Well at least the loan's less, but hey the new car, holiday and renovation all a distant memory. Why trust such an institution - leave leave now as fast as you can!
I have a home loan with a redraw facility. I logged on and found the bank has taken $15,000 from my redraw. There had been absolutely no communication from the bank before this transaction. Their customer service is non existent. I am now looking to change banks. Under no circumstance would I recommend this bank to anyone!!
Took our money (and many others) from our re-draw without asking. During COVID 19 crisis! This must be illegal?? At the very least it is unethical. Pretty amazing considering my union recommended it. Doesn’t say much for my union I’m afraid (I think they now recommend an alternative bank). Communication appallingly bad.
ME's recent decision to take money from customers redraw accounts and put in on the principle without any notification before the fact is despicable. Their media statements suggest it is for our own protection from financial hardship. Hard to see how this makes sense when they have misappropriated funds from those with healthy redraw amounts.
I have been a home loan customer of ME Bank for over 20 years. They started off great, with a local branch (within 25km), competitive interest rates and fees. Now there is no branch within 100km, their fees are still low but the interest rates are high. I have to continuously fight with them to get my interest rates lower. Over the last year or two I gave up fighting with them and the below is the result. My ME Bank home loan, I have 93% equity and my interest rate is 5.70%. I have another loan on an investment property with another bank, only 22% equity and an interest rate of 3.00%. The loans by ME Bank for new customers is lower than mine, so now I have to fight with them to lower my loans. I would not recommend ME bank at all.
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Home loan comparisons on Mozo - rates updated daily
Smart Booster 1 Year Discount Variable Home Loan
1.99% p.a.variable for 12 months and then 2.57% p.a.variable
*WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.
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